Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes _______ No ___X____
Contacts |
Paulo Roberto Cruz Cozza |
|
Joana Dark Fonseca Serafim Investor Relations (41) 9913-0006 / 312-6862 jserafim@timsul.com.br |
|
Leonardo Marques Wanderley Investor Relations (81) 9923-0023 / (41) 312-6862 lwanderley@timsul.com.br |
|
Website http://www.timpartri.com.br
|
Curitiba, April 27, 2005 TIM Participações S.A. (BOVESPA: TCLS3 and TCLS4; and NYSE: TSU), the holding company of TIM Sul S.A. and TIM Nordeste Telecomunicações S.A., today announced the results for the first quarter 2005 (1Q05). TIM Participações S.A. provides cellular telecommunications services in the states of Paraná, Santa Catarina, Piauí, Ceará, Rio Grande do Norte, Paraíba, Pernambuco, Alagoas and in the city of Pelotas (RS) through its operating subsidiaries. The financial and operational information below, except when otherwise indicated, is presented on a consolidated basis and in Reals, according to the Brazilian Corporate Law, and comparisons refer to the first quarter of 2004 (1Q04), unless otherwise indicated.
TIM PARTICIPAÇÕES S.A. ANNOUNCES ITS CONSOLIDATED RESULTS FOR THE FIRST QUARTER 2005
The Board of Directors authorized the execution of a merger agreement of the proposed merger of shares involving all shares issued by TIM Sul and TIM Nordeste to be exchanged for shares of TIM Participações. |
GSM coverage reaches 86.1 % of the urban population. |
Success in the migration of customers from TDMA to GSM: almost 6 times more than lines migrated than in 1Q04. |
Successful customer retention strategy: Churn rate of 5.6% in 1Q05, one of the lowest in the industry. |
26.8% increase in net additions and 33.4% growth of the customer base over 1Q04. |
8.5% expansion of the postpaid base when compared to 1Q04. |
17.7% growth of the total gross revenue over 1Q04. |
126.6% increase in VAS revenue (Value-Added Services). |
EBITDA of R$ 249.2 million, 15.4% above 1Q04. |
EBIT margin of 18.2%: stable year over year. |
Net income: R$ 84.3 million, 16.7% growth versus 1Q04. |
Ownership Restructuring of the Companies controlled by TIM Participações
On April 26, 2005 the Boards of Directors of TIM Participações, TIM Sul and TIM Nordeste approved the execution of a merger agreement that includes the terms of the proposed merger of shares involving all shares issued by TIM Sul and TIM Nordeste to be exchanged for shares of TIM Participações. The proposed transaction aims at increasing the liquidity of the publicly traded stock of the companies involved, as well as decreasing administrative costs associated with the independent administration of TIM Participações subsidiaries, TIM Sul and TIM Nordeste.
As a result of the proposed merger of shares, minority shareholders of TIM Sul and TIM Nordeste who do not exercise their withdrawal rights will receive shares of TIM Participações. Common shares of TIM Sul and TIM Nordeste will be exchanged for common shares of TIM Participações and preferred shares of TIM Sul and TIM Nordeste will be exchanged for preferred shares of TIM Participações. As a result of the merger, TIM Participações will own 100% of both the common and preferred shares of TIM Sul and TIM Nordeste, and both will become wholly owned subsidiaries of TIM Participações. It is worth noting that the transaction will not impact the operational activities of TIM Nordeste and TIM Sul.
The material fact of this operation is available on our website at http://timpartri.com.br .
Analysis of the Economic-Financial Performance
For the purpose of analyzing TIM Participações S.A. economic-financial performance in the quarter ended on March 31, 2005 (1Q05), and in light of the corporate restructuring effective on August 30, 2004, pro forma statements were prepared for the same period of the preceding year (1Q04) to facilitate a comparison between the two quarters.
Highlights
R$ thousands
1Q05 | 1Q04 |
Var, %
1Q05/04 |
|
Total Gross Revenue | 882,893 | 750,405 | 17.7% |
Gross Service Revenue | 752,425 | 647,755 | 16.2% |
Gross Handset Revenue | 130,468 | 102,650 | 27.1% |
Total Net Revenue | 659,020 | 567,663 | 16.1% |
Net Services Revenue | 574,912 | 495,918 | 15.9% |
Net Handsets Sales | 84,108 | 71,745 | 17.2% |
EBITDA | 249,167 | 215,996 | 15.4% |
EBITDA Margin | 37.8% | 38.1% | - 0.3 p.p. |
EBIT | 119,812 | 103,402 | 15.9% |
EBIT Margin | 18.2% | 18.2% | 0.0 p.p. |
Net Income | 84,289 | 72,245 | 16,7% |
|
Market
Net Addition | Lines | |||||
1Q05 | 1Q04 | Var. % 1Q05/04 | 1Q05 | 1Q04 |
Var. %
1Q05/04 |
|
Southern Region | 162,982 | 136,188 | 19.7% | 3,153,234 | 2,192,072 | 43.8% |
Northeast Region | 124,272 | 90,298 | 37.6% | 2,790,618 | 2,262,823 | 23.3% |
TIM Participações S.A. | 287,254 | 226,486 | 26.8% | 5,943,852 | 4,454,895 | 33.4% |
|
Continued | TIM Participações closed the quarter with 5,943,852 customers 33.4% above 1Q04 - of which 77% were prepaid customers and 23% were postpaid customers. The postpaid base grew 8.5% when compared to 1Q04. |
growth in the | |
cellular | |
market | |
Net additions totaled 287,254 customers 26.8% above the figure reached in
1Q04.
|
|
In 1Q05 the total penetration South and Northeast regions was estimated
at 31% versus 21% in 1Q04, below the national penetration of 37.5%. As for
the regional performance breakdown, TIM Participações confirmed its leading
position in the South and Northeast. In the South in particular, the estimated
penetration was 42%, where the Company achieved an estimated market
share of 47.0%, while in the Northeast the penetration reached 24% and the
market share was 39.7%.
|
|
TIM Participações has continued to invest in customer relations and in the quality of its services, while always acting with a segmented approach. As a way of showing customers our dedication to keeping them in our base, the Company has also developed a number of offer package for GSM migrations, including handsets sold at a rate discount, catering mainly to the highest value customers. As a result, the monthly churn, 1.9%, is below the Brazilian average. |
|
Churn below | |
the Brazilian | |
average | |
GSM Overlay
The GSM Global Mobile System technology has been expanding rapidly and already surpasses the TDMA standard in Brazil. In two and a half years of operation, the technology has captured 38.3% of the Brazilian market. In the regions served by TIM Participações subsidiaries, GSM coverage reached 609 cities by the end of the first quarter 2005, meaning the services were provided to 91% and 83% of the urban population of the South and Northeast Regions, respectively.
|
|
Brazil: sixth | |
largest | |
mobile | |
telephone | |
market in the | |
world, thanks | |
to GSM | |
By the end of the quarter, 43% of our customers were using GSM technology, that is, 2,563,835 customers, representing 54% and 31% of the customer base in the South and Northeast Regions, respectively. The migration from |
|
TDMA to GSM has been intensified, so that the migration during the first quarter totaled 138.8 thousand versus the 24.2 thousand registered in the 1Q04. |
A World without Borders: Innovative Services
Solutions for |
Mobility, combined with distinctive products,
is revolutionizing the way of life of working people. Besides the consolidated and successful consumer offer,
the Company offered a variety of innovative services during the period while
also increasing efficiency and productivity, which surrendering our customers
accessible anywhere by using different types of equipment and system
platforms. An example of is that is the Blackberry, the most widely used tool
to access corporate e-mails in the world. TIM Participações also counts on
new services that expand and expedite data transmission from the GSM
handset: TIM Kit Fast Edge, the first in the Brazilian market, and the GPRS
USB Modem, enabling data communication through its own platform. |
the corporate | |
market | |
Operating Revenue
The gross service revenue for 1Q05 was R$ 752.4 million, 16.2% above
1Q04. This increase stemmed mainly from the 33.4% expansion of the
subscriber base in the period, along with the 7.7% increase in traffic, the
4.4% average increase in tariffs, and the 126.6% growth in value-added
services (VAS), as well.
|
|
Gross handset revenue for the quarter was R$ 130.5 million, a 27.1%
increase over 1Q04. In the quarter, 383.0 thousand handsets were sold (of
which 94% were GSM), versus 296.2 thousand sold in 1Q04.
|
|
17.7% | |
increase | |
YOY in Total |
Thus, the gross revenue amounted to R$ 882.9 million in 1Q05, surpassing
the numbers reported in 1Q04 by 17.7%.
|
Gross | |
Revenue | |
The Average Revenue per User (ARPU) in 1Q05 was R$ 30.39, versus R$
36.14 in 1Q04. This reduction is mainly due to the marked growth in the total
customer base, in particular the 43% expansion in the prepaid base, as well
as the fact that TIM Participações subsidiaries, TIM Sul S.A. and TIM
Nordeste Telecomunicações S.A., no longer provide national and
international long distance services. |
|
ARPU: new | |
revenue | |
makeup | |
Operating Costs and Expenses
In 1Q05, the cost of services (including network and interconnection costs,
before depreciation/amortization and personnel expenses) amounted to
R$ 114.9 million, a 25.2% increase over the R$ 91.8 million registered in
1Q04. That increase is mainly from the strong expansion in the customer
base - with the consequent increase in interconnection costs, as well as the
growth in maintenance costs due to the overlap of two networks (GSM and
TDMA).
|
||||
Marked |
The handset sales cost for the quarter was R$ 95.9 million, exceeding the
R$ 89.0 million reported in 1Q04.
|
|||
expansion in | ||||
handset | ||||
sales | ||||
Continued | Selling expenses (without depreciation/ amortization, bad debt and personnel expenses) were R$ 116.9 million for the quarter, 36.1% above 1Q04,
reflecting the commercial boost in our customer base expansion. The gross
customer additions for the quarter totaled 608,849 versus 437,498 customers
in 1Q04, a 39.2% increment. The higher sales in the period boosted selling
expenses related to commissions and the FISTEL tax assessed on each new
cell phone activation.
|
|||
sales growth: | ||||
- 608.8 thou. | ||||
gross | ||||
additions | ||||
- 383,0 thou. | ||||
handsets sold | ||||
SAC |
The Subscriber Acquisition Cost (SAC) for the quarter was R$ 133.0, a 7.4%
reduction over the R$ 143.7 in 1Q04. In the 1Q05 the subsidies for the handsets were below those registered in the 1Q04, mainly due to the lower
average prices of the handsets and exchange rate. |
|||
improvement: | ||||
7.4% reduction | ||||
YoY | ||||
General
and
administrative
expenses
(G&A)-
without
depreciation/amortization and personnel expenses totaled R$ 26.4 million,
16% above 1Q04. This increase was due to the expenses associated with the
maintenance of IT equipment after expiration of the warranty period.
|
||||
Personnel expenses in the period added up to R$ 27.9 million 3.8% above
1Q04.
|
||||
Bad debt | ||||
reduction: | Bad debt expenses for 1Q05 amounted to R$ 25.2 million versus R$ 34.3
million in the 1Q04, representing 2.8% of the total gross revenue - a 1.8 p.p. decline year over year, thanks to the adoption of a strict collection policy. |
|||
improved | ||||
collecting | ||||
overdue | ||||
bills | ||||
EBITDA
TIM Participações posted an EBITDA earnings before interest, tax,
depreciation and amortization of R$ 249.2 million for the quarter, versus R$
216.0 million in 1Q04. The EBITDA margin was 37.8%, remaining stable
when compared to the 38.1% margin registered in 1Q04.
|
||||
15% | ||||
Increase | ||||
in EBITDA |
Depreciation and Amortization
Depreciation and Amortization in the period amounted to R$ 129.3 million,
versus R$ 112.6 million, a 14.8% increase over 1Q04, resulting from the
expansion and technological innovation of the GSM network.
|
|
EBIT
15.9% |
The EBIT earnings before interest and tax was R$ 119.8 million, over the
R$ 103.4 million reported in 1Q04. The EBIT margin was 18.2%, remaining
stable year over year.
|
increase | |
in EBIT | |
Net Financial Income/Expense
Lower | |
financial |
Our net financial income was R$ 16.5 million in 1Q05, versus R$ 19.0 million
in 1Q04. The average cash allotted for financial investments during the
quarter decreased by 8.3%, and the interest rate (CDI) declined 1.4 p.p. when
compared to 1Q04. |
revenue | |
Net Income
16,7% |
The consolidated net income was R$ 84.3 million, 16.7% above 1Q0 |
increment | |
in net | |
income | |
Indebtedness
On March 31, 2005, our indebtedness amounted to R$ 78.5 million, of which
54% were short-term debts. The net cash by period end was R$ 609.5
million.
|
|
Investments
1Q05 investments totaled R$ 48.6 million, mostly for the expansion of the
GSM network quality and capacity, compared to R$ 54.4 million in the 1Q04.
|
|
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
This press release contains forward-looking statements and estimates. Such
expectations are based on a series of assumptions, and subject to the risks and
uncertainties inherent to forward-looking projections and/or estimates. The results
may differ materially from the expectations expressed in the forward-looking
statements or estimates if one or more of the assumptions and expectations prove
to be incorrect or are not realized.
|
List of Attachments | ||
Attachment | 1: | Balance Sheet (BR GAAP) |
Attachment | 2: | Statement of Income (BR GAAP) |
Attachment | 3: | Operating Indicators South Region |
Attachment | 4: | Operating Indicators Northeast Region |
Attachment | 5: | Consolidated Operating Indicators TIM Participações |
Attachment | 6: | Glossary |
Attachment 1
TIM PARTICIPAÇÕES S.A.
Balance Sheet (BR GAAP R$ thousands)
March/05 | March/04 | |
|
|
|
ASSETS | 3,394,924 | 3,137,700 |
Current assets | 1,585,738 | 1,512,125 |
Cash and cash equivalents | 687,940 | 743,504 |
Accounts receivable | 582,102 | 460,353 |
Inventories | 36,787 | 41,077 |
Dividends and interest on shareholders' equity recoverable | ||
- | - | |
Taxes and contributions recoverable | 85,646 | 102,297 |
Deferred income and social contribution taxes | 119,717 | 111,542 |
Other current assets | 73,546 | 53,352 |
Noncurrent assets | 239,956 | 258,903 |
Related parties | 10,368 | 851 |
Taxes and contributions recoverable | 49,876 | 25,228 |
Deferred income and social contribution taxes | 143,991 | 213,839 |
Judicial deposits | 34,407 | 18,374 |
Outros direitos | 1,294 | 611 |
Permanent assets | 1,569,230 | 1,366,672 |
Investments | 9,495 | 11,077 |
Fixed assets | 1,559,735 | 1,355,595 |
Difered | - | - |
LIABILITIES AND SHAREHOLDERS' EQUITY | 3,394,904 | 3,137,700 |
Current liabilities | 777,466 | 723,366 |
Concessions payable | 11,456 | 39,947 |
Loans and financing | 42,481 | 72,377 |
Suppliers | 420,960 | 343,866 |
Salaries and related charges | 22,894 | 19,024 |
Taxes, charges and contributions | 123,561 | 117,215 |
Related parties | 36,535 | 14,243 |
Dividends and interest on shareholders' equity payable | 102,880 | 100,190 |
Other current liabilities | 16,699 | 16,504 |
Noncurrent liabilities | 88,246 | 131,049 |
Loans and financing | 35,985 | 55,223 |
Taxes, charges and contributions | 22,403 | 50,127 |
Provision for contingencies | 26,161 | 21,966 |
Supplementary pension plan | 3,697 | 3,733 |
Other obligations | - | - |
Minority interests | 415,069 | 395,343 |
NET EQUITY | 2,114,123 | 1,887,942 |
Capital | 1,000,046 | 687,411 |
Especial reserves | 240,634 | 292,917 |
Income reserve | 779,827 | 828,238 |
Net Income | 93,616 | 79,376 |
The Complete Financial Statements, including the Notes thereto, are available on our Website: www.timpartri.com.br
Attachment 2
TIM PARTICIPAÇÕES S.A.
Statement of Income EBITDA (BR GAAP in R$ thousands)
1Q05 | 1Q04 | Var. % | |
1Q05/04 | |||
|
|
|
|
Gross Revenues | 882,893 | 750,405 | 17.7% |
Telecommunications Services | 752,425 | 647,755 | 16,2% |
Monthly fee | 71,795 | 95,757 | -25.0% |
Usage | 392,306 | 319,547 | 22.8% |
Interconnection | 224,554 | 200,994 | 11.7% |
VAS | 48,599 | 21,446 | 126.6% |
Leased lines | 12,505 | 6,303 | 98.4% |
Others | 2,666 | 3,708 | -28.1% |
Handset sales and other revenues | 130,468 | 102,650 | 27.1% |
Handset Sales | 130,468 | 102,650 | 27.1% |
Discounts and deductions | (223,873) | (182,741) | 22.5% |
Taxes and discounts on services | (177,513) | (151,837) | 16.9% |
Taxes and discounts on handset sales | (46,360) | (30,904) | 50.0% |
Net Revenues | 659,020 | 567,663 | 16.1% |
Services | 574,912 | 495,918 | 15.9% |
Handset and other revenues | 84,108 | 71,745 | 17.2% |
Operating Expenses | (409,853) | (351,667) | 16.5% |
Personal expenses | (27,914) | (26,882) | 3.8% |
Selling & marketing expenses | (116,888) | (85,843) | 36.1% |
Network & interconnection | (114,951) | (91,834) | 25.2% |
G&A | (26,431) | (22,826) | 15.8% |
COGS - Telecom products | (95,861) | (89,023) | 7.7% |
Bad Debt | (25,163) | (34,282) | -26.6% |
Other operational revenues (expenses) | 2,645 | (977) | -370.7% |
EBITDA | 249,167 | 215,996 | 15.4% |
EBITDA - Margin over total net revenues | 37,8% | 38,1% | -0.3 p.p. |
Depreciation | (92,668) | (81,980) | 13.0% |
Amortization | (36,687) | (30,614) | 19.8% |
EBIT | 119,812 | 103,402 | 15.9% |
EBIT - Margin over total net revenues | 18,2% | 18,2% | 0 p.p. |
Other non-operational revenues (expenses) | 333 | 0 | - |
Equity | |||
Net Financial Results | 16,483 | 19,012 | -13.3% |
Financial expenses | (15,247) | (13,913) | 9.6% |
Variações cambiais, líquidas | (808) | (1,429) | -43.5% |
Financial income | 32,538 | 34,354 | -5.3% |
Net income before taxes and Minorities | 136,328 | 122,414 | 11.4% |
Income tax and social contribution | (32,957) | (31,603) | 4.3% |
Minority interest | (19,382) | (18,566) | 4.4% |
Interest on own capital reversion | |||
Net Income | 84,289 | 72,245 | 16.7% |
The Complete Financial Statements, including the Notes thereto, are available on our Website: www.timpartri.com.br
Attachment 3
Operating Indicators in the South Region
1Q05 | 1Q04 | Var. % 1Q05/04 | |
Estimated Population in the Region (million) | 15.8 | 15.7 | 0.6% |
Municipalities Served - GSM | 299 | 114 | 162.3% |
Estimated Total Penetration | 42% | 27% | +15.0 p.p. |
Market Share | 47.0% | 52.0% | -5.0 p.p. |
Total Lines | 3,153,234 | 2,192,072 | 43.8% |
Prepaid | 2,479,862 | 1,636,793 | 51.5% |
Postpaid | 673,372 | 555,279 | 21.3% |
Gross Additions | 345,545 | 260,130 | 32.8% |
Net Additions | 162,982 | 136,188 | 19.7% |
Churn | 6.1% | 5.9% | +0.2 p.p. |
TOTAL ARPU | R$31.3 | R$38.3 | -18.3% |
TOTAL MOU | 70 | 91 | -23.4% |
Investment (R$ million) | 24.4 | 43.1 | -43.4% |
Employees | 1,139 | 1,012 | 12,5% |
|
Attachment 4
Operating Indicators in the Northeast Region
1Q05 | 1Q04 | Var, % 1Q05/04 | |
Estimated Population in the Region (million) | 28.7 | 28.3 | 1.4% |
Municipalities Served | 310 | 81 | 282.7% |
Estimated Total Penetration | 24.5% | 17.3% | + 7 p.p. |
Market Share | 39.7% | 46.1% | - 6.3 p.p. |
Total Lines | 2,790,618 | 2,262,823 | 23.3% |
Prepaid | 2,096,556 | 1,557,743 | 34.6% |
Postpaid | 694,062 | 705,080 | -1.6% |
Gross Additions | 263,304 | 177,368 | 48.5% |
Net Additions | 124,272 | 90,298 | 37.6% |
Churn | 5.1% | 3.9% | 1.2 p.p. |
TOTAL ARPU | R$29,4 | R$34,1 | -13.8% |
TOTAL MOU | 88 | 101 | -12.9% |
Investment (million) | 24.2 | 11.3 | 114.2% |
Employees | 1,031 | 1,033 | -0.2% |
Attachment 5
Consolidated Operating Indicators TIM Participações S.A.
1Q05 | 1Q04 | Var. % 1Q05/04 | |
Estimated Population in the Region (million) | 44.5 | 44.0 | 1.3% |
Municipalities Served - GSM | 609 | 195 | 212.3% |
Estimated Total Penetration | 31% | 21% | +10.0 p.p. |
Market Share | 43.3% | 48.8% | -5.5 p.p. |
Total Lines | 5,943,852 | 4,454,895 | 33.4% |
Prepaid | 4,576,418 | 3,194,536 | 43.3% |
Postpaid | 1,367,434 | 1,260,359 | 8.5% |
Gross Additions | 608,849 | 437,498 | 39.2% |
Net Additions | 287,254 | 226,486 | 26.8% |
Churn | 5.6% | 4.9% | + 0.7 p.p. |
TOTAL ARPU | R$30.4 | R$36.1 | -15.9% |
TOTAL MOU | 78 | 97 | -19.6% |
Investment (R$ million) | 48.6 | 54.4 | -10.6% |
Employees | 2,170 | 2,045 | 6.1% |
|
|
|
|
Attachment 6
Glossary
Financial Terms | Operating indicators | |
EBIT = Earnings before interest and tax | Customers = Number of wireless lines in service | |
EBITDA = Earnings before interest, tax, depreciation and | Gross additions = Total of customers acquired in the | |
amortization | period | |
EBITDA Margin = EBITDA/ Net Operating Revenue | Net additions = Gross Additions number of customers | |
CAPEX (capital expenditure) capital investment | disconnected | |
Subsidy = (net revenue from goods cost of sales + vendors | Market share = Companys total number of customers / | |
discounts) / gross additions | number of customers in its operating area | |
Net debt = gross debt cash | Marginal Market share = participation of estimated net | |
PL Shareholders Equity | additions in the operating area. | |
Market penetration = Companys total number of | ||
Technology and Services | customers + estimated number of customers of | |
competitors / each 100 inhabitants in the Companys | ||
TDMA = Time Division Multiple Access | operating area | |
GSM = Global System for Mobile Communications A system | Churn rate = number of customers disconnected in the | |
storing and coding cell phone data, such as user calls and | period | |
data, enabling a user to be recognized anywhere in the | ARPU = Average Revenue per User net monthly | |
country by the GSM network. The GSM is now the standard | revenue per customers in the period | |
most used in the world. | Blended ARPU = ARPU of the total customer base | |
EDGE = Enhanced Data rates for Global Evolution A | (contract + prepaid) | |
technique developed to increase the speed of data | Contract ARPU = ARPU of contract service customers | |
transmission via cell phone, creating a real broadband for | Prepaid ARPU = ARPU of prepaid service customers | |
handsets with the GSM technology. | MOU = minutes of use monthly average. in minutes of | |
The first EDGE handsets available offer speeds that can | traffic per customer = (Total number of outgoing minutes + | |
reach up to 200 Kbps, depending on the handset model. | incoming minutes) / monthly average of customers in the | |
SMS = Short Message Service ability to send and receive | period | |
alphanumerical messages. | Contract MOU = MOU of contract service customers | |
Prepaid MOU = MOU of prepaid service customers | ||
SAC = Customer acquisition cost = (marketing expenses | ||
+ commission + Fistel + comodato + costs of retention) | ||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
TIM PARTICIPAÇÕES S.A. | ||
Date: April 27, 2005 | By: | /s/ Paulo Roberto Cruz Cozza |
Name: Paulo Roberto Cruz Cozza | ||
Title: Chief Financial Officer |